Lessons for Aspiring entrepreneurs
Every person who gets fed up with the monotonous office life generally thinks of quitting his job to chase his dreams of entrepreneurship? It’s generally a quandary for the many young professionals who hold such aspirations. Weighing the pros and the cons of self-employment always seem as an endless process and letting go of that “guaranteed” salary is a tough decision for many aspiring entrepreneurs. The article below gives certain lessons which an aspiring entrepreneur must follow in order to make his business successful.
LESSON ONE: Simple is always hard enough
“Simply is hard enough” has become a go-to mantra anytime an entrepreneur gets to a fork in the road.
Whenever an entrepreneur thinks of looking at a new product concept, his first thought should be to recall the mantra that “simply is hard enough”. Not only does the mantra help cut away the unnecessary fat, but it also helps to implore intelligent design and cuts cost. You should decide quickly what form of business you want to set up, whether a partnership or Private Limited Company Registration. Do you want something complicated or simple like a One Person Company?
LESSON TWO: Don’t Fall for the Sexy Trap
An entrepreneur should Make no mistake, no matter what his venture is, it’s a very genuine fact that he might be tempted by the Sexy. The entrepreneur should follow some steps like:
Firstly, he must begin with the facts.
Secondly, the person should go for his gut instinct.
In the end, he should opt whether he should invest in the foundations of his business or must invest in something which he finds as appealing.
LESSON 3: The entrepreneur must celebrate his Successes
Being an entrepreneur can feel a lot like a hamster running around on a small, clear, plastic wheel positioned right in front of a delicious looking carrot. No matter how far the businessman runs, or how much he accomplishes or how much money he make, that carrot which he aims will always be just out of reach.
The entrepreneur must Try viewing his incremental goals in a way that whenever he achieves something, he would celebrate his success. These ideas are however wonderful opportunities for celebration, reflection, and realignment.
LESSON 4: The aspiring businessman must always, Manage his Cash Flow
Cash really is the king, whether the businessman likes it or not. He must treat it in that way by remembering that:
1. Simple is hard enough. He shouldn’t overcomplicate – since it’s expensive.
2. He must Beware of the Sexy-traps – since they’re also expensive.
3. He must Cost out his expenses BEFORE he incurs them. He must always Know his options before he puts down his money. Keep a hawk eye on your Income tax return filings.
LESSON 5: He must always love What he Does
The businessman must only do those acts what he loves to do, Only if he absolutely loves what he does and believes in his heart of hearts that it’s the right thing to which he will be able to live his life to the fullest while building his dream business.
The entrepreneur must make sure that he’s passionate about what he’s getting into. His passion is not a fleeting hobby or the hottest sectors in news. It is the alignment of his inner self with what he’s naturally inclined to work towards. It is this synchrony between his inner and outer self that will give him that strength to keep going beyond miles, which he silently believed, that he would never walk. It is equally essential that his passion should be backed by a constructive and a feasible business plan to metamorphose into a success story.
This article has been contributed by Himanshu Jain CEO at LegalRaasta, an online portal for GST Registration in India